Bitcoin is a rapidly growing cryptocurrency, and it is also the first-ever cryptocurrency introduced to the world. It has become quite common to use bitcoins for daily transactions, but now several other industries are also adopting bitcoins, and one of them is the sports industry. There are several news and updated related to bitcoin use in sports, and some of them are listed below.

Chess Champions to get a Bitcoin Bonus

If you are a competitive professional chess player, you better start keeping an eye on the bitcoin market. According to the latest news, an online chess tournament is about to be held and is named the FTX Crypto Cup. The first prize money is a whopping $320000, which is believed to be the highest in the history of online chess tournaments. But the unique and appealing thing is that the top 10 players in the tournament will get a huge Bitcoin bonus. It will be the first time that cryptocurrency will be given as a prize bonus in an online sports tournament.

Bitcoin is a highly volatile cryptocurrency, and once it is standing at the value of $50000. But when the announcement of this tournament was made, massive fluctuations were seen in the crypto world, which brought bitcoin’s value down by over 30%. The sporting world has been waiting eagerly to enjoy the use of cryptocurrencies such as bitcoin. In the past, some football and NBA stars have signed contracts while included payments in the form of bitcoin. Moreover, the sportsman has constantly been investing in bitcoin, which was proved when Former Australian pacer; Brett Lee donated one bitcoin for covid relief fund in India. It is a difficult task to make money, but you can do it easily by clicking on BitCoinsCircuit and trading bitcoins.

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Crypto Chess Tournament will Break a New Path

The organizers of the crypto cup chess championship believe that involving bitcoins in the sport will open up numerous opportunities for the players as well as the future of the sport. The cryptocurrency industry is one of the most popular and rapidly growing industries in the world. Most of the players have been following it closely, and now if they get to chance to win some bitcoins through their favourite sports, it will be an excellent boost for the cryptocurrency. The FTX crypto cup is one of its kind as it is offering bitcoins as a prize to the winners.

One of the most unique and appealing things about the tournament is that there will be a live screen that will display the bitcoin’s value in real-time. It means that the audience and players will be stay updated with all the fluctuations in the price of bitcoin, and they will know the bonus money that the winner will be winning.

Bitcoin Market Crash made the Organizers Face Losses

The organizer thought of keeping bitcoin as a prize in the tournament because of the massive popularity as well as the market value of bitcoins. So, for the bonus prize, they purchased 2.1825 bitcoins which cost them $10000 at the rate of $45000 per bitcoin. But to their disappointment, after the announcement of the tournament, the Chinese Banking Association banned the use of bitcoins and restricted their banks from using cryptocurrencies. It has a massive impact on the price of bitcoin, and it fell down to $30000.

World Champion Supporting Bitcoins

One of the biggest supporters of bitcoin is the world chess champion; Garry Kasparov, as he believes that anything that offers you control and enhances your privacy is perfect and should always be welcomed with open hands. The use of cryptocurrency in sporting events is a great sign for the sports industry as cryptocurrency is the future, and the quicker the industries will adopt it, the better it will be for them.

With the increasing popularity of bitcoins, top events such as FIFA, UEFA, and other major sports have started accepting bitcoins and allows fans to books tickets using this safe, smooth and anonymous payment method. When it comes to top sporting events, there is a huge demand for tickets which is the primary reason for the increasing black marketing of tickets. With the use of cryptocurrencies in the booking of tickets, it would be easier to put a stop to the black marketing of tickets, and bitcoin transactions are highly encrypted, and it is impossible to make duplicate transactions.